“It’s all about the benjamins baby”!
Well, not always…but it can be!
I’ve worked with influencers and brands to create impactful events. Some want to know how many new customers they can reach to expand their influence, others just want to talk money. And there’s good reason to.
There are many motives behind every event. If you’re looking for a serious payout here are 10 things you must do to reap the benefits of a profitable event.
1. Start Early
Your event marketing plan should begin 4-6 months in advance. From social media posts and email funnels, strategic event marketing takes time. Putting butts in seats requires a combination of offering value and excitement. But, in order to give your event the chance to gather the group of attendees that will spend, you’re going to need to make a good impression over a period of time. Popping in on Facebook with a mass invite for an event in 2 weeks won’t cut it.
2. Create a Budget & Stick to it!
When it comes time to calculate how much you’ve earned at your profitable event, don’t let your overhead cost you the golden ticket. Sometimes, a profitable event can’t compete with an event planner with no budget. Set your number and stick to it. Download my free event budget worksheet in order to have a chic, styled event while being a diva on a dime.
If you’re too proud to negotiate you’re in the wrong industry. When creating your profitable event, you will have to work closely with people and vendors who offer you their ideal price. It’s up to you, as a negotiating businesswoman, to create a win-win situation that saves you money.
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Contrary to popular belief, negotiating isn’t about being cheap or beating the opposition of the other party. Instead, it’s coming to an agreement you’re both satisfied with. Negotiating even just 10% is overhead money that goes straight to your profit margin.
4. Look For High-Value Sponsors
Choosing the right sponsor for your event is no easy feat.
An event sponsor provides a large portion of resources and momentum necessary for creating a successful and profitable event. Event sponsors do more than finance. Choosing the right sponsor will elevate the authority of your brand and message of the event. But, sponsors (especially high-value ones) can be a challenge to win over. Landing the perfect event sponsor is worth the effort once you understand the impact it will have on your event.
The perfect event sponsor reflects your brand and its mission, adds value and attracts your target audience.
5. VIP Ticket Option
Offering VIP tickets will be more work on your end, but can be really cost effective. Creating a VIP experience can mean better seats (which costs you nothing), a heftier goodie bag (still not too expensive), and a meet and greet with the host or sponsor. Creating a VIP experience could be your bread and butter, you just have to be creative!
6. Raffle Tickets
Raffle tickets are a shoo-in. Everybody loves a little fair game of chance, especially because you’re going to create irresistible prizes. Sharing posts and pictures on social media of a raffle prize is a great way to market the event in general. A couple of free raffle tickets can also be offered with the purchase of a VIP ticket. Raffle ticket sales should be offered from the beginning of the event to right before the drawing to increase your buy-ins. These are fun and an easy way to profit.
7. Brand Merchandise
Brand merchandise may be the obvious go-to when you think about a profitable event. However, you want to be careful with this one. An event is your opportunity to create brand awareness. You want to sell them on you in order to become loyal to your products and services long-term. That being said, a lovely booth or two with reasonable prices merch is always good to have. No need to push these items, just push your brand message and the items will sell themselves.
8. Post-Event Opportunities
Post-event opportunities are everything. This is why they’re here! Guests are going to want to know how to work with you after the event. Present their options strategically.
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Consider your entire event an elevator pitch for your coaching packages, programs, products, and more. Provide a clear and concise opportunity to opt-in, much like a call to action.
9. Event Follow-Up
Hosting an event is among the most impactful ways to represent your brand, organization, or business. But, this impact can quickly fade if you think the event is over once the lights go out. The days and weeks that follow your event is, in fact, the most crucial buy-in time. In order for your event to create meaningful and lasting results, take action with a strong event follow-up game plan.
10. Crunch Your Numbers
With a profitable event, there is no guessing involved. When the event is over, there will seem like an infinite amount of things to add, subtract, divide, multiply, etc. Focus on creating meaningful interactions between the numbers and the choices that led to them. In some ways, crunching numbers has nothing to do with numbers at all. You will have multiple bottom lines that tell you what to do and what not to do at your next event. Was brand merchandise in the red? Did you make 300% more than anticipated on VIP tickets? Ask yourself specific questions you want answers to before you grab the calculator.
These tips are really the trick of the trade. If you need help implementing my most valued strategies let’s hop on a call. I’m always here to help my fellow womenpreneurs exceed their client’s expectations and nail a profitable event.